Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0298%/8h= +32.7% APRpaid last 24h +0.207%

Price spread now: Backpack against MEXC+0.007%7-day average +0.797% · you sell dearer than you buy

Net, funding: paid 7d − costs+$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.441%+$44 on $10k

Price spread, last 7 days−0.698%−$70 · spread now +0.007%, 7d avg +0.797%

Together, before fees−0.256%−$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.790% cheaper against MEXC than usual: you would sell low and buy high (spread +0.007% now, against its 7-day average of +0.797%). If the spread goes back, that is −$79 on $10k: about 8.8 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC NEAR_USDT	4.3440	0.0159	pay 0.0159% / 8h	11m 31s	$87.6M	$153.6M	200x
Short	Backpack NEAR_USDC_PERP	4.3443	0.0457	get 0.0057% / 1h	11m 31s	$1.0M	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee MEXCbpFee BackpackbpOrdersPrice spread, now +0.007%Rate

Funding earned: $62.64
Price spread: +0.007% → +0.797%: −$79.02
Slippage, 4 orders: −$9.56
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$35.94
Costs to cover: 0.196%
Break-even: 11.0 days

Slippage from MEXC: live order book, 3 min ago; Backpack: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy MEXC live order book, 3 min ago	1.14 bp	1.1 bp −$1	3.8 bp −$38	14.8 bp −$1,482	60.5 bp −$30.3K
Sell Backpack live order book, 3 min ago	1.72 bp	9.1 bp −$9	16.8 bp −$168	doesn't fit	doesn't fit

NEAR on 45 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya NEARRUSDPERP	−0.0171%	1h	4.3419	−0.048%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3460	+0.045%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3451	+0.025%	$163K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0017%	1h	4.3368	−0.166%	$7.1M	$38.4M	50x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.673%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3440	0.000%	$112K	$499K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3463	+0.053%	$219.5M	$428.6M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3460	+0.046%	$60.9M	$294.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3601	+0.370%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3438	−0.005%	$35.6M	$62.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3440	0.000%	$52.7M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3428	−0.028%	$71.8M	$127.9M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3658	+0.502%	$8.9M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3647	+0.476%	$253K	$902K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3469	+0.066%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3540	+0.230%	$166K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3464	+0.055%	$277K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3487	+0.108%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3510	+0.161%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3385	−0.127%	$5K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3350	−0.207%	$3.5M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3468	+0.065%	$31K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3415	−0.059%	$3.6M	$16.6M	25x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.3400	−0.092%	$202K	$38K	3x	as long as short
Aster NEARUSDT	+0.0127%	8h	4.3458	+0.042%	$2.7M	$4.8M	50x	as long as short
Hyperliquid NEAR	+0.0138%	1h	4.3468	+0.064%	$350.3M	$316.1M	10x	as long as short
HTX NEAR-USDT	+0.0152%	8h	4.3460	+0.046%	$463K	$3.8M	75x	as long as short
MEXC NEAR_USDTlong	+0.0159%	8h	4.3440	long leg	$87.6M	$153.6M	200x
Binance NEARUSDT	+0.0159%	8h	4.3470	+0.069%	$263.3M	$1.09B	75x	as long as short
Kalshi KXNEARPERP	+0.0176%	8h	4.3469	+0.067%	$981K	$25.1M	2.2x	as long as short
BingX NEAR-USDC	+0.0178%	8h	4.3450	+0.023%	—	$6.7M	—	as long as short
01 Exchange NEARUSD	+0.0232%	1h	4.3449	+0.021%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0282%	8h	4.3490	+0.115%	$13.2M	$32.1M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0339% / S −0.0238%	1h	4.3423	−0.039%	$252K	—	100x	as long as short
Nado NEAR-PERP	+0.0388%	1h	4.3425	−0.035%	$1.7M	$3.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0418%	1h	4.3423	−0.039%	$1.9M	$13.1M	25x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0457%	1h	4.3443	+0.007%	$1.0M	$7.1M	20x
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3431	−0.021%	$2.3M	$16.9M	50x	as long as short
Lighter RH NEAR	+0.0512%	1h	4.3520	+0.184%	$1.5M	$6.7M	10x	as long as short
Lighter NEAR	+0.0560%	1h	4.3530	+0.206%	$17.2M	$25.4M	15x	as long as short
Arcus NEAR-USD	+0.0638%	1h	4.3460	+0.046%	$228K	$1.5M	10x	as long as short
Pacifica NEAR	+0.0949%	1h	4.3469	+0.068%	$409K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0949%	1h	4.3782	+0.787%	$1.8M	$2.4M	10x	as long as short
RISEx NEAR/USDC	+0.0965%	1h	4.3446	+0.014%	$608K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1129%	1h	4.3533	+0.214%	$5K	$7K	10x	as long as short